The 22-year-old scored 10 goals and provided six assists in just 19 league appearances last season, and played a key role as Palace enjoyed a late renaissance under Oliver Glasner.
Olise told the official Bayern website: “The talks with FC Bayern were very positive, and I’m very happy to now be playing for such a big club.
“It’s a great challenge, and that’s exactly what I was looking for. I want to prove myself at this level and play my part in ensuring that we win as many titles as possible with our team in the coming years.”
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